According to a recent Primerates.com survey of Detroit mortgage rates offered by the largest area banks & credit unions, four Detroit institution offered rates above 4.00% on 30-year fixed-rate conforming loans in the Detroit area for well-qualified borrowers. The First State Bank of East Detroit (www.thefsb.com) offered rates at 4.00%, the Citizens Bank (www.citizensbanking.com) offered rates at 4.09%, RBS Citizens (www.citizensbank.com) offered rates at 4.13% while the Comerica Bank (www.comerica.com) offered the highest rates in the country with 4.25%.
While most lenders will push one of the three products on the list below, there are other options for the borrower. The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment. The trade-off is paying a higher interest rate. For those who have a better cash flow, the 15-year product may be more suitable. The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower. While many people steer clear of the 5/1 ARM it is beneficial to some borrowers. For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less. This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.
| Top Detroit Area Banks and Credit Unions |
As of |
30 Yr-Rate |
30 Yr- APR |
15 Yr- Rate |
15 Yr- APR |
5/1 ARM-IR
|
5/1 ARM-APR |
| Comerica Bank | 03/04/2012 |
4.25% |
4.30% |
3.44% |
3.53% |
3.13% |
3.25% |
| RBS Citizens | 03/04/2012 |
4.13% |
4.16% |
NA |
2.75% |
3.11% |
NA |
| Citizens Bank | 03/04/2012 |
4.09% |
4.18% |
3.33% |
3.49% |
2.94% |
3.23% |
| First State Bank of East Detroit | 03/04/2012 |
4.00% |
4.03% |
3.38% |
3.43% |
NA |
NA |
Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
According to a recent Primerates.com survey of Detroit mortgage rates offered by the largest area banks & credit unions, four Detroit institution offered rates above 4.00% on 30-year fixed-rate conforming loans in the Detroit area for well-qualified borrowers. The First State Bank of East Detroit (www.thefsb.com) offered rates at 4.00%, the Citizens Bank (www.citizensbanking.com) offered rates at 4.09%, RBS Citizens (www.citizensbank.com) offered rates at 4.13% while the Comerica Bank (www.comerica.com) offered the highest rates in the country with 4.25%.
While most lenders will push one of the three products on the list below, there are other options for the borrower. The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment. The trade-off is paying a higher interest rate. For those who have a better cash flow, the 15-year product may be more suitable. The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower. While many people steer clear of the 5/1 ARM it is beneficial to some borrowers. For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less. This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.
| Top Detroit Area Banks and Credit Unions |
As of |
30 Yr-Rate |
30 Yr- APR |
15 Yr- Rate |
15 Yr- APR |
5/1 ARM-IR
|
5/1 ARM-APR |
| Comerica Bank | 03/04/2012 |
4.25% |
4.30% |
3.44% |
3.53% |
3.13% |
3.25% |
| RBS Citizens | 03/04/2012 |
4.13% |
4.16% |
NA |
2.75% |
3.11% |
NA |
| Citizens Bank | 03/04/2012 |
4.09% |
4.18% |
3.33% |
3.49% |
2.94% |
3.23% |
| First State Bank of East Detroit | 03/04/2012 |
4.00% |
4.03% |
3.38% |
3.43% |
NA |
NA |
Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
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